Core Viewpoint - First Shanghai maintains a "Buy" rating for China Gold International (02099) and raises the target price to HKD 167.07, believing that the resumption of the Jiama mine marks a turning point for the company's performance and the beginning of a new growth cycle [1] Group 1: Market Conditions - The copper and gold price cycle provides strong support for the company [1] - The Jiama mine is considered the company's "profit cow," with stable operations being the cornerstone of its value [1] Group 2: Production and Growth Strategy - The second phase of the Jiama mine's selection plant successfully resumed operations on May 30, 2024, quickly reaching a stable processing capacity of 34,000 tons per day [1] - The company's management has announced a clear "three-step" expansion plan for the Jiama mine, aiming to increase processing capacity from the current 34,000 tons to 50,000 tons per day by mid-2027 [1] - The second phase will further increase the normal processing capacity from 50,000 tons to 80,000 tons, while also enhancing the processing of low-grade ore [1] Group 3: Exploration Potential - The company has significant resource replenishment potential at the Jiama mine, with ongoing exploration projects in the Zegulang North and Bayi pasture areas showing great resource potential [1] - The connection road of 2 kilometers and 5.9 square kilometers of soil exploration in the two mining areas are expected to be completed by July 8, 2025 [1]